Jump to content

U.S.Dollar/Japanese Yen (USDJPY) Day Chart Elliott Wave Technical Analysis 6 September 23


Recommended Posts

USDJPY Elliott Wave Analysis Trading Lounge Day  Chart, 6 September 23
U.S.Dollar/Japanese Yen (USDJPY) Day Chart
USDJPY Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: impulsive
Structure:5 of C of Z
Position: Red wave 2
Direction Next lower Degrees:Red wave 3  
Details: Red wave 5 of C of Z in play and near to end , After that new Downtrend will start. Wave Cancel invalid level: 151.983
The USDJPY Elliott Wave Analysis for 6 September 23, is conducted on the day chart of the U.S. Dollar/Japanese Yen currency pair (USDJPY). This analysis offers traders important insights into potential market movements and wave patterns, utilizing the Elliott Wave theory.
 
The Function of this analysis is identified as Counter Trend, which implies that the focus is on identifying possible corrective or reversal phases within the broader market trend. This information is particularly useful for traders looking to seize opportunities during counter trend movements.
 
The Mode is characterized as impulsive, indicating a strong and powerful market movement. Impulsive modes often suggest significant price action and potential trading opportunities for traders who aim to align with the prevailing market direction.
 
The Structure is described as 5 of C of Z, signifying the current phase within the Elliott Wave pattern. Specifically, this suggests that the market is currently in the fifth wave of a corrective pattern labeled as C of Z. Understanding the current wave's position within the broader Elliott Wave structure is crucial for traders.
 
The Position indicates that the market is presently in the Red wave 2 phase. This information provides clarity regarding the current wave count within the larger Elliott Wave pattern, assisting traders in understanding the market's position in terms of wave analysis.
 
The Direction Next Lower Degrees underscores the importance of Red wave 3, suggesting that the market is anticipated to continue moving in the direction of this third wave at a lower degree. This insight assists traders in aligning their trading strategies with the expected market direction.
 
The analysis highlights that Red wave 5 of C of Z is currently in play and nearing its completion. This indicates that the market is within the fifth wave of a corrective pattern, providing traders

 
with information that can be used to identify potential entry and exit points or assess overall market sentiment.
 
The Wave Cancel invalid level is specified as 151.983, serving as a reference point for traders to evaluate the validity of their analysis. This level helps traders determine whether their trading strategies align with the current market conditions.
 
In summary, the USDJPY Elliott Wave Analysis for 6 September 23, provides traders with valuable insights into potential market movements based on Elliott Wave theory. By examining the Function, Mode, Structure, Position, Direction, and key wave levels, traders can make more informed trading decisions. However, it's crucial to combine this analysis with other technical and fundamental indicators for comprehensive decision-making and risk management.
usdjpydaychart.thumb.png.8e7158a408e06566e20cf362de3dc3ae.png
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Sounds like you are looking at the ask price, or the mid price. I don't have access to the 10sec data at that time, but the 1 minute candle had a low at 7947.7. Ask low was 7954.7. So I guess you had a long position; in this case look at the bid price to see what is going on.
    • What really caught my eye about ChatAI is the way it aims to go beyond the limitations of traditional social media platforms. Instead of relying on text-based or voice-based interactions alone, this project is designed to support multimodal communication, allowing users to engage through a variety of formats like text, voice, and images. ChatAI is positioning itself as a revolutionary social application that combines advanced AI capabilities with the power of decentralized technology. The core idea is to open up a new era of social interaction by leveraging cutting-edge natural language processing (NLP) to enable smooth and efficient communication. But it's not just about the technical capabilities - ChatAI also seems to have a strong focus on personalization and continuous learning. The platform is built to continuously optimize its performance based on user data, adapting to individual preferences and enhancing the overall user experience over time. I was really excited to hear the news that the ChatAI (CHATAI) token is now listed on the Bitget cryptocurrency exchange. As someone who is deeply interested in the intersection of artificial intelligence, web3 technology, and social media, this listing feels like a significant milestone for the project.
    • I could remember what happened to Binance & kucoin. This might be another slap in the face of SEC but who knows, let's see how this unfolds. 
×
×
  • Create New...
us